Shiba Inu price analysis: SHIB rejected at $0.00000900, moves downwards

TL;DR Breakdown

  • Shiba Inu price analysis suggests an upwards movement to $0.00000900
  • The closest support level lies at $0.00000800
  • SHIB faces resistance at the $0.00000866 mark.

The Shiba Inu price analysis shows that SHIB was unable to climb past the $0.00000900 mark, and the rejection has caused the price to fall back to the $0.00000800 support level. However, the bulls still face strong selling activity, making it hard for the price to recover. 

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The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include SOL and AVAX, recording an 11.77 and a 7.82  percent incline, respectively.

Shiba Inu price analysis: SHIB finds support at $0.00000800

Shiba Inu price analysis: SHIB rejected at $0.00000900, moves downwards 1
Technical indicators for SHIB/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. Moreover, the indicator shows strong bullish momentum as observed in the tall height of the histogram. However, the indicator’s lighter shade suggests a decreasing bullish momentum as the price action is rejected at the $0.00000900 mark.

The EMAs are currently trading below the mean position as net price movement over the last five days remains negative. However, the SHIB market finds support across the short-term charts, and the EMAs are recovering, with the 12-EMA taking the lead. At press time, the 12-EMA is converging with the 26-EMA as the selling activity increased in recent hours. 

The RSI had dived into the oversold region on June 10 and continued to move downwards until June 14. Then the index returned to the neutral region but still trades low close to the border at the 30.00 index unit level. Currently, the indicator hovers at 44.73, moving horizontally as the bulls struggle to fight back. The current position leaves room for movement in either direction. 

The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator has started to converge again as the price action moves back towards the $0.00000820 mark. At press time, the indicator’s mean line presents a resistance level at $0.00000866. 

Technical analyses for SHIB/USDT 

Overall, the 4-hour Shiba Inu price analysis issues a sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, only three of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Shiba Inu price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downwards movement against only two indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Shiba Inu price analysis?

Shiba Inu price analysis: SHIB rejected at $0.00000900, moves downwards 2
4-hour price chart by Tradingview

The Shiba Inu price analysis shows that after being rejected at the $0.00000900 mark, the bulls were unable to continue with the rally, and the price fell back to the $0.00000800 support level. However, while the buyers still dominate the market, the selling pressure has been rising and may be dangerous for SHIB across the short-term charts. 

Traders can expect SHIB to move upwards towards the $0.00000900 mark as the bulls persist. Furthermore, the selling activity is decreasing as trade volume dwindles. Traders should expect movement between the $0.00000800 and the 0.00000900 mark, with room for further upwards movement.

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